BPI taps coordinator, arrangers for planned dollar bond issuance

BANK of the Philippine Islands (BPI) has appointed a global coordinator and lead arrangers to arrange investor meetings for its planned bond issuance, it said on Monday,

The bank has mandated BPI Capital Corp. as the sole global coordinator and lead arranger for the issue, with J.P. Morgan Securities plc, Mizuho Securities Asia Ltd., Standard Chartered Bank, and UBS AG Singapore Branch also being tapped as joint lead arrangers, BPI said in a disclosure to the local bourse.

They were tasked to set up meetings with fixed-income investors that were scheduled to start on Monday, the lender said.

The bank is planning a Regulation S offering of dollar-denominated bonds under its medium-term note program.

It expects the notes to be rated “Baa2” by Moody’s Ratings, in line with the Philippines’ sovereign debt grade.

BPI Chief Finance Officer and Chief Sustainability Officer Eric Roberto M. Luchangco previously said the bank will look to raise at least $300 million in the second quarter to refinance debt maturing in September.

The bank also tapped SyCip Salazar Hernandez & Gatmaitan to be the legal adviser for the issuer for Philippine law, while Romulo Mabanta Buenaventura Sayoc & de los Angeles will be the legal adviser for the joint lead arrangers.

Milbank (Hong Kong) LLP was also tapped as the legal adviser to the joint lead arrangers for English law, while Milbank LLP is the legal adviser of the Hongkong and Shanghai Banking Corp. Ltd., who is the trustee.

BPI’s attributable net income rose by 61.13% year on year to P54.82 billion in 2023 on the back of higher revenues and lower provisions.

Its shares climbed by P2.10 or 1.77% to end at P120.50 apiece on Monday. — A.M.C. Sy